Coda
Coda Payments is a Singapore-based Merchant of Record platform enabling gaming and digital content publishers to monetize globally across 70+ markets via payment orchestration, customizable web stores, and a consumer marketplace serving 200M+ users and 300+ publishers.
- Company typePrivate
- Founded2011
- HeadquartersSingapore, Singapore
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingSoftware
What Coda does
Coda Payments Pte. Ltd. is a Singapore-headquartered digital content monetization platform founded in 2011, operating as a Merchant of Record for gaming and digital content publishers globally. The company powers cross-border digital commerce across 70+ markets through a suite of products: Codapay (payment orchestration API connecting to 400+ payment methods), Coda Webstore (customizable direct-to-consumer storefronts), Coda Links (link-out monetization solution), Codashop (consumer marketplace serving 200M+ users), Coda Distribution (third-party e-commerce platform network), and Codacash (closed-loop e-wallet in select markets). Under the Merchant of Record model, Coda assumes regulatory, tax, fraud, and compliance liability on behalf of publishers, enabling them to sell digital content globally without building payment infrastructure.
Coda's revenue is generated primarily through transaction fees on payment processing, payment facilitation services via Codapay, marketplace commissions on direct content sales through Codashop and regional store brands (Recharge.com, Startselect.com, Guthaben.de, Beltegoed.nl, Recharge.fr, Mobiletopup.co.uk, Herladen.com), and platform fees on web store subscriptions. The company serves 300+ publisher partners including Activision, Electronic Arts, HoYoverse, Riot Games, Moonton, Garena, Tinder, and Miniclip, combining a hybrid go-to-market approach: product-led growth via Codashop's consumer marketplace and Coda Webstore's self-serve platform, plus enterprise field sales targeting major gaming studios, and channel partnerships with payment gateways, aggregators (e.g., Itemmania in Korea), and platforms like Unity.
The company's go-to-market spans Southeast Asia (Singapore, Indonesia, Malaysia, Thailand, Philippines, Vietnam), East Asia (Korea, Japan, Taiwan), MENA (UAE, Saudi Arabia), Europe (UK, Germany, France, Netherlands, Belgium, Turkey), North America (USA), Oceania (Australia, New Zealand), Latin America (Brazil), and Africa (South Africa), supported by regional offices in 10+ countries. Major milestones include a $690M Series A funding round in April 2022 led by Smash Capital, Insight Partners, and GIC at a $2.5B valuation, acquisitions of BAASH (2021) and Recharge (2025), the latter adding $1.75B in 2024 processed transactions and European market access, and receipt of a Major Payment Institution license from the Monetary Authority of Singapore in 2026.
Coda firmographics
Firmographics- Name
- Coda
- Legal name
- Coda Payments Pte. Ltd.
- Website
- https://coda.co
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Coda Payments is a Singapore-based Merchant of Record platform enabling gaming and digital content publishers to monetize globally across 70+ markets via payment orchestration, customizable web stores, and a consumer marketplace serving 200M+ users and 300+ publishers.
- Ownership category
- akta.pro rank
Coda industry classification
Industry- Product category
- Digital Payments
- akta.pro primary industry
- Mobile Game Publishing & App Game Stores (BPAMAKAB)
- akta.pro secondary industry
- Billing, Subscription & Entitlement Management (IAP orchestration) (MPAFAJAC)
Keywords
Where Coda is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices12 records
Markets served
Coda business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction Processing Fees: Coda charges transaction fees for processing digital content purchases through its platforms. The company acts as merchant of record, collecting payments and remitting to publishers after deducting fees.
- Payment Facilitation: Revenue from facilitating payments between consumers and publishers through Codapay, handling payment method routing, currency conversion, and settlement.
- Direct Content Sales: Revenue from reselling publisher codes and digital content directly to consumers via Codashop and regional store brands (Recharge.com, Startselect.com, Guthaben.de, etc.).
- Web Store Platform Fees: Revenue from Coda Webstore platform enabling publishers to build and operate branded direct-to-consumer web stores with payment processing and compliance handled by Coda.
Go-to-market motion3 records
Distribution channels7 records
Marketing channels7 records
Coda product offering
Product offeringCore offering
Coda operates a Merchant of Record payment orchestration platform enabling gaming and digital content publishers to monetize content globally across 70+ markets via 400+ payment methods. The company handles payment processing, fraud prevention, tax remittance, and regulatory compliance on behalf of publishers, while providing customizable web stores, link-out monetization, and distribution through Codashop marketplace and regional storefronts.
Product overview
Coda is a digital content monetization platform operating as a Merchant of Record, offering a comprehensive suite of products and services for global digital content commerce. The core platform consists of Codapay (payment orchestration connecting to 400+ payment methods), Coda Links (link-out monetization solution), Coda Webstore (customizable web store platform), Codashop (global marketplace for in-game currencies and digital content), Coda Distribution (partner network for audience reach), and Codacash (closed-loop e-wallet available in select markets). Supporting the platform are Giftcloud (digital rewards) and Recharge App (mobile top-up application). Through its acquisition of Recharge, Coda has expanded into European markets with regional storefronts including Recharge.com, Startselect.com, Guthaben.de, Beltegoed.nl, Recharge.fr, Mobiletopup.co.uk, and Herladen.com. The combined entity processes over $2 billion in transactions across 70+ markets, serving 300+ publisher partners including Activision, Electronic Arts, HoYoverse, and Riot Games.
Differentiator
Problem solved
Functional benefit
Brands
- Codashop: Global marketplace for in-game currencies and digital content for titles like Call of Duty Mobile and apps like Tinder
- Codapay
- Codacash
- Coda Webstore
- Coda Links
- Coda Distribution
- Recharge.com
- Startselect.com
- Giftcloud
- Recharge App
Products and services
- Codapay Payment orchestration platform plugging into Coda's network of 400+ payment methods, enabling publishers to accept payments and generate revenue globally across 70+ markets with integrated fraud, tax, and compliance handling.
- Coda Webstore 100% customizable web store platform allowing publishers to sell digital content their way, supporting multiple platforms with branded checkout experiences for direct-to-consumer monetization.
- Coda Links Link-out solution enabling publishers to transform link-outs into secure, high-converting direct-to-consumer monetization experiences with improved transaction volumes and user engagement.
- Codashop Global marketplace where publishers offer in-game currencies, content, and bundles for titles like Call of Duty Mobile and apps like Tinder, with localized checkout across 70+ markets.
- Coda Distribution Distribution network enabling publishers to tap into extended e-commerce platform partnerships to fast-track audience reach and grow revenue across global markets.
- Giftcloud Digital rewards and loyalty platform driving customer engagement through digital gift solutions and rewards programs.
- Recharge.com Global storefront for all prepaid top-ups, serving as Coda's primary European prepaid payments platform with operations across 180+ markets.
- Startselect.com European digital gift and gaming cards store serving Germany, Austria, and other European markets with prepaid content offerings.
- Recharge App Mobile application for instant prepaid top-ups worldwide, enabling users to quickly recharge mobile accounts and purchase digital services.
- Codacash Closed-loop e-wallet system available to residents of Indonesia, Korea, Turkey, Thailand, Brazil, Malaysia, and Philippines for purchasing digital content on Codashop.
Quantifiable outcome
- 14x uplift in monthly revenue for top US publisher using Coda Links
- +3 more outcomes
Companies that use Coda
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
Coda technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature8 records
Coda partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- EKRAF (Indonesia Ministry of Creative Economy)coreMemorandum of Understanding signed to support growth of Indonesia's gaming ecosystem and help local developers compete internationally. Partnership provides monetization infrastructure, commercial tools, and market access through workshops and Codashop's distribution network. Coda contributes approximately 22% of its global revenue from Indonesian market.
- GAMIVOminorPartnership enabling GAMIVO to expand in-game top-up offerings to players, providing access to over 1000 items across 100 popular titles. Collaboration enhances delivery speed and security while increasing available titles and trusted sources for players.
- EKRAF (Indonesia Ministry of Creative Economy)corePartnership for 'Guard Your Game' anti-scam awareness campaign targeting Indonesian gamers. Initiative includes Online Safety URL Checker tool and is endorsed by EKRAF as part of broader efforts to strengthen digital awareness in Indonesia's growing creative economy.
- UnitycoreGlobal integration with Unity's In-App Purchasing SDK, enabling game developers to launch branded web stores and manage digital catalogs across mobile, web, and PC through Unity's existing workflow. Coda's Merchant of Record solution handles payments, fraud prevention, tax remittance, and compliance across 70+ markets and 400+ payment methods. Positions Unity more deeply in game monetization beyond the core engine.
- ItemmaniacorePartnership with South Korea's largest digital commerce platform for gaming (operated by IMI) to launch Game Top-Up Service. Korean players gain instant access to credits and top-ups for international game titles through local payment methods, expanding Coda's presence in one of the world's most influential gaming markets.
- RechargecoreAcquisition of Recharge, a leading prepaid payments platform in Europe based in Amsterdam. Combined business serves 200M+ users in 180+ markets with $1.75B in processed transactions in 2024. Expands Coda's European presence and prepaid top-up capabilities.
- PayPaycorePartnership making PayPay available as payment option across Coda's Custom Commerce and Codashop solutions in Japan. PayPay (64M+ registered users as of June 2024) enables gamers to top-up COD Points on Call of Duty Mobile web store and purchase content on Codashop Japan for titles including ASTRA: Knights of Veda, ZEPETO, and Generation Zombie.
- MiniclipminorPublisher partnership helping boost global sales through Coda's monetization and distribution platform.
- BAASH (CAPSL Entertainment Ltd)minorAcquisition of mobile esports platform BAASH to expand Coda's gaming product suite including Codashop and the Codashop Global Series (CGS) esports tournament platform, better serving esports participants worldwide.
Scale indicators15 records
Recent moves7 records
Expansion highlights7 records
Coda competitors and assessment
Company assessmentDirect peers
- Xsolla: Xsolla is the most direct competitor — a global commerce company providing payment orchestration, Merchant of Record services, and web store platforms specifically for game publishers, with comparable coverage of payment methods, tax handling, and fraud prevention worldwide.
- Paddle: Paddle operates as a Merchant of Record for digital goods and SaaS, handling payments, tax, and compliance globally — directly comparable to Coda's MoR model for digital content publishers and indie game developers.
- FastSpring: FastSpring is a Merchant of Record platform focused on SaaS and digital product sellers, offering global payment processing, tax handling, and subscription management — a comparable digital-goods MoR business model with overlapping SMB and mid-market publisher customers.
- Razer Gold (Razer Fintech): Razer Gold is a global digital payments network for gamers offering virtual credits and top-up services for games, directly competing with Codashop's marketplace and consumer prepaid positioning across Southeast Asia and emerging markets.
Regional players
- 2C2P: 2C2P is a Southeast Asia-focused payment platform offering payment orchestration, alternative payment methods, and merchant services across the region — directly competitive with Coda's Codapay in its strongest geographic market.
- PayU: PayU is an emerging-markets-focused payment service provider with strong presence in India, Latin America, and Africa, offering alternative payment methods and local processing — competes with Coda in cross-border digital content monetization across similar geographies.
Broad incumbents
- Adyen: Adyen is a global payments incumbent providing unified commerce and payment orchestration for large enterprises — competes with Coda's Codapay at the upper end of the publisher market where larger merchants may prefer direct acquirer relationships.
- Stripe: Stripe is a broad payments incumbent with Stripe Tax, Billing, and global payment method coverage — competes most directly where publishers prefer to build direct payment integrations rather than use a Merchant of Record wrapper.
Emerging players
- Unipayment: Unipayment is an emerging crypto-friendly payment gateway targeting digital content and game publishers, offering payment orchestration across multiple methods — a smaller, niche competitor with partial overlap to Coda's payment infrastructure offering.
- Appcharge: Appcharge is an emerging direct-to-consumer checkout platform specifically for mobile game publishers, offering branded web stores and out-of-app monetization — the closest pure-play challenger to Coda Webstore and Coda Links for mobile-first studios.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key highlights7 records
Customer concentration
Coda social profiles
Digital presenceCoda compliance and trust
Trust signalCompliance1 record
Coda financial estimates
Financial estimateRevenue estimate
Valuation estimate
Coda leadership team
Management profileNumber of profiles
Profiles11 records
Coda subsidiaries and ownership
Company hierarchySubsidiaries7 records
Coda funding detail
Funding detailFunding overview
Funding rounds8 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Coda M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Coda
What does Coda do?
Coda operates a Merchant of Record payment orchestration platform enabling gaming and digital content publishers to monetize content globally across 70+ markets via 400+ payment methods. The company handles payment processing, fraud prevention, tax remittance, and regulatory compliance on behalf of publishers, while providing customizable web stores, link-out monetization, and distribution through Codashop marketplace and regional storefronts.
Is Coda a public or private company?
Coda is a private company. It is classified as venture growth investor backed and is currently operating.
When was Coda founded?
Coda was founded in 2011. It employs 501 to 1,000 people.
Where is Coda based?
Coda is headquartered in Singapore, Singapore, in the Asia region.
How does Coda make money?
Four revenue lines are on record. Transaction Processing Fees are the primary driver. The others are payment Facilitation, direct Content Sales and web Store Platform Fees.
Who are Coda's main competitors?
Direct peers on record are Xsolla, Paddle, FastSpring and Razer Gold (Razer Fintech). Regional players are 2C2P and PayU. Broad incumbents are Adyen and Stripe. Emerging players are Unipayment and Appcharge.
Does Coda have an API?
Yes. Coda provides developer documentation at docs.coda.co and a Publisher Support portal for integration. The Unity In-App Purchasing SDK integration enables game developers to integrate Coda's payment processing, fraud checks, taxes, and compliance into their workflows across 70+ markets. Codapay serves as the payment orchestration API connecting to 400+ payment methods. Developer documentation is at docs.coda.co.
What industry is Coda in?
Coda's product category is Digital Payments. Its primary akta.pro industry code is BPAMAKAB, Mobile Game Publishing & App Game Stores, with a secondary code of MPAFAJAC, Billing, Subscription & Entitlement Management (IAP orchestration).